White Hydrogen Market Size, Share, Industry Analysis, Growth Report, 2032

White Hydrogen Industry Prospective:

The global white hydrogen market size was evaluated at $3,621.47 million in 2023 and is slated to hit $8,574.23 million by the end of 2032 with a CAGR of nearly 10.05% between 2024 and 2032.  

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White Hydrogen Market: Overview

White hydrogen is used in power generation in various locations across the globe. The product is distinct in its production method as it is manufactured through advanced processes which set it apart from conventional hydrogen production methods. The new approach to hydrogen generation provides an opportunity for substantially reducing carbon emissions along with minimizing the dependence on fossil fuels.

Key Insights

• As per the analysis shared by our research analyst, the global white hydrogen market is projected to expand annually at the annual growth rate of around 10.05% over the forecast timespan (2024-2032)
•  In terms of revenue, the global white hydrogen market size was evaluated at nearly $3,621.47 million in 2023 and is expected to reach $8,574.23 million by 2032.
• The global white hydrogen market is anticipated to grow rapidly over the forecast timeline owing to a rise in the acceptance of products in the automotive sector in a slew of developed countries.
• In terms of end-user, the power generation segment is slated to register the highest CAGR over the forecast period.
• Region-wise, the Asia-Pacific white hydrogen industry is projected to register the fastest CAGR during the projected timespan.

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White Hydrogen Market: Growth Factors

Versatility of white hydrogen along with its demand in power generation to boosts global market trends

Versatile nature of white hydrogen and its large-scale use in various end-use sectors such as industrial processes, transportation, and power generation will boost the growth of the global white hydrogen market. Escalating awareness about sustainable energy solutions will proliferate the size of the global market. The growing need for clean production processes promoting safe industrial practices along with the necessity of clean water and air will embellish the expansion of the global market.

White Hydrogen Market: Restraints

Escalating product costs can ramp down the growth of the global industry over the forecast period

Growing use of white hydrogen owing to a high focus on environmental safety has generated new growth opportunities for the global white hydrogen market. Humungous demand for resilient and renewable energy is predicted to aid the expansion of the global market.

White Hydrogen Market: Opportunities

Humungous demand for eco-friendly sources of energy to open new growth avenues for the global market

Growing use of white hydrogen owing to high focus on   environmental safety has generated new growth opportunities for the global white hydrogen market. Humungous demand for resilient and renewable energy is predicted to aid the expansion of the global market.

White Hydrogen Market: Challenges

Stringent legislation about white hydrogen usage can challenge the expansion of the industry globally

Strict government laws related to the use of white hydrogen in a slew of end-use sectors can challenge the expansion of the global white hydrogen industry.

White Hydrogen Market: Segmentation

The global white hydrogen market is divided into end-user and region.                                         

In terms of end-users, the white hydrogen market across the globe is bifurcated into oil & gas, mobility, industrial feedstock, and power generation segments. Additionally, the power generation segment, which acquired nearly 72% of the global market earnings in 2023, is expected to record the fastest annual rate of growth in the forecast timespan. The expansion of the segment in the next eight years can be owing to a rise in the use of white hydrogen in the power generation segment across the globe.

White Hydrogen Market Report Scope

White Hydrogen Market: Regional Insights

North America is expected to maintain its leadership status in the global market in the next couple of years

North America, which contributed approximately three-fourths of the global white hydrogen market earnings in 2023, is predicted to maintain the number one position in the global market in the years ahead. In addition to this, the regional market expansion in the forecast timeline can be owing to a surge in the use of the product in countries such as Canada and the U.S. For instance, Hydroma, a Canada-based firm, produces white hydrogen at nearly C$0.5/kg. With white hydrogen having low-carbon ingredients, the regional market is predicted to grow leaps & bounds in the coming years.

Moreover, as per the U.S. Inflation Reduction Act, firms are eligible to receive production tax credits when the lifecycle carbon intensity is below 4 kg CO2e/kg H2. For the record, the largest production tax credit tier offers USD 3 per kg if the production of hydrogen fulfills the carbon intensity threshold of 0.45 kg CO2e per kg H2. Hence, one can infer that more production of white hydrogen with lesser carbon contents in countries such as the U.S. can be eligible for the highest production tax credits (PTC), thereby providing impetus to the regional market expansion.    

Asia-Pacific white hydrogen industry is anticipated to register the fastest growth rate in the forecast timeline. The swift growth of the industry in the region over 2024-2032 can be credited to the presence of key product manufacturers in countries such as South Korea and Australia. Apart from this, the growing demand for green and sustainable energy sources will boost the expansion of the industry in the region.

Key Developments

• In the second half of 2023, Koloma, Inc., a key firm developing low-cost & low-carbon solutions, received a major investment worth USD 91 million from investors such as Bill Gates. The investment is aimed at drilling white hydrogen in the Midwest of the U.S., a project likely to contribute notably towards the expansion of clean energy activities in the U.S.
• In the first half of 2023, a major deposit was found in the Lorraine region of France. Such breakthroughs could lead to a rise in the demand for white hydrogen in Europe.

White Hydrogen Market: Competitive Space

The global white hydrogen market profiles key players such as:

• Koloma
• La Francaise de l Energie SA
• Helios
• Gold Hydrogen Limited
• Natural Hydrogen Energy LLC
• Hydroma Inc.
• H2Au
• HyTerra.

The global white hydrogen market is segmented as follows:

By End-User

• Oil & Gas
• Mobility
• Industrial Feedstock
• Power Generation

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa